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A RETIRED teacher was scammed out of her £120,000 life savings after falling victim to a Bitcoin scam on Instagram.
Teresa Jackson, 63, from Portishead, signed up to a Bitcoin investment scheme after spotting an advert for it on Instagram.
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The scheme claimed it had been endorsed by survival expert and TV Star Bear Grylls - but she only found out it was fake after losing all her money.
She told ITV News she was contacted by someone claiming to be a financial advisor who she thought was “really knowledgeable”.
Following the phone call she did a small bit of research on the company, reading the website and terms and conditions.
She was persuaded to to invest her money.
IF you’ve lost money in a scam, contact Action Fraud on 0300 123 2040 or by visiting Actionfraud.police.uk.
You should also contact your bank or credit card provider immediatley to see if they can stop or trace the cash.
If you don't think your bank has managed your complaint correctly, or if you're unhappy with the verdict it gives on your case you can complain to the free Financial Ombudsman Service.
Also monitor your credit report in the months following the fraud to ensure crooks don't make further attempts to steal your cash.
Teresa told ITV News: “I only checked the website - it was very well worded - I read the terms and conditions. Everything about the company I read, but my checks were limited really.”
After she signed up to the investment platform, she began to pile her cash into buying and trading what she thought was Bitcoin.
The platform was so realistic she thought she had made losses and gains on her coins.
But in fact, she was being tricked and was sending her money directly into the hands of crooks.
By the time she realised it was a con, it was too late - she had lost her pension pot along with money she had borrowed from a friend who she thought she would be able to repay quickly.
Her bank gave her half of the £120,000 she was scammed out of, but she told ITV News that it wouldn’t give her the full amount as she made the decision to transfer the money herself.
She now has to claim Universal Credit, which she wouldn’t have needed to if she had not been conned.
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
She said she feels "very embarrassed" and "stupid" for being falling for the fruad, and said she had lost the trust of her children and her partner.
A Facebook spokesperson said: "We don’t want fraudulent activity on our platform and have built technology to finds and reject scam ads and block scam advertisers so that people don’t come across them.
"This is an industry-wide issue and while no enforcement is perfect, we will continue to invest in new ways to protect people from this activity on our platforms.
"We have also donated £3million to Citizens Advice to raise awareness of online scams and help victims."
New rules rolled out in 2020 to make it easier for victims of bank transfer fraud to get their money back.
But if your bank believes there has been "gross negligence" on your behalf, or transferred it over yourself, then you might not get your money back.
SCAMMERS can be incredibly convincing, persuading people to invest thousands of pounds into a con.
But there are a number of red flags you should look out for, according to the Money Advice Service.
Here's the warning signs of a Bitcoin - or other cryptocurrency - fraud:
Promise of high or guaranteed returns: If the offer looks too good to be true, it probably is. If a scheme says to pile cash into buying coins before its value booms, you should stay away.
Heavy marketing: Big posters and advertising campaigns can give the illusion that a scheme is legit - but in fact, it could be a ploy to get as many people as possible to invest money fast.
Check the whitepaper: Every cryptocurrency should have information on what it is, how it will grow, and how it will make money, according to Money Advice Service. But if it doesn't make sense to you, don't invest.
No published code: Legit cryptocurrency companies should have their code - which is what makes the currency work - publically available. If companies haven't published or refuse to make their codes public, this is a massive red flag.
Investing in unusual packages: Before you invest in a package promising certain returns, read the paperwork and make sure you understand it - but it's probably best to avoid this anyway.
Investing in any cryptocurrency is a risky game.
Because cryptocurrencies are unregulated, you could lose all your money and you may not be able to get funds back if you are scammed.
Experts have also raised concerns about whether some coins - like PooCoin and SafeMoon - are legit.
You should never invest in something you don’t understand, and you should only invest money that you can afford to lose.
Teresa isn’t the only Brit who has been taken in by cryptocurrency scammers.
Bride-to-be Melissa Martin told The Sun last year how she “hit the bottom” after being conned out of almost £30,000 by fraudsters claiming to be Bitcoin investors.
While a school teacher lost £9,000 to a fake “Elon Musk” Bitcoin scam - which would have gone towards a deposit for a new home.
Here's what crypto regulations may mean for Bitcoin and other virtual currencies.
While a Bitcoin crackdown in China sees 1,100 arrested on money laundering charges.
Elon Musk has performed another U-turn over Bitcoin, saying it will accept the cryptocurrency if it cleans up.
